Bank buys KBC investment and care portfolio for £70m


Posted on February 1st, by editor in Caring Times. No Comments

First National Commercial Banking (FNCB), the commercial mortgages arm of First National Group, has bought KBC Bank¹s UK portfolio of small ticket investment property and residential care and nursing home mortgages for a total consideration of £70 million, payable in cash. FNCB says the purchase of the portfolio, formerly with Kredietfinance Corporation Ltd, will enable FNCB, which forms part of First National¹s business finance division, to further develop and expand its already strong presence in the loans market for both sectors. FNCB¹s director Jeff Watson said the bank¹s involvement in the residential care and nursing homes sector, and in the funding of investment properties, had been strategically developed over the past two years through the establishment of specialist teams of senior underwriters experienced in each of these areas. “The KBC Bank portfolio complements perfectly our existing presence in the investment property and care sectors, and its acquisition significantly boosts our plans to





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